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Rudy Gay will not re-sign with Memphis Grizzlies before deadline

Fourth-year forward Rudy Gay and the Grizzlies failed to reach an agreement on a contract extension before the NBA deadline.Negotiations broke off Monday evening so Gay will become a restricted free agent next summer. The Griz still can match any offer sheet Gay signs.

The parties had until 10:59 p.m. CST Monday to strike a deal.

"We’ve agreed to not agree," said Jeff Austin, Gay’s agent. "We looked at different ways we might try to get something done and we weren’t able to agree."

An NBA source said the Grizzlies’ final offer was a five-year deal worth about $50 million. Gay was asking for a deal similar to Portland’s LaMarcus Aldridge (five years, $65 million with incentives), according to the source.